On July $1,2024,$ Clearwater Incorporated purchased $9,300$ shares of the outstanding common stock of Mountain Corporation at a cost of $$213,000.$ Mountain had $31,000$ shares of outstanding common stock. The total book value and total fair value of Mountain's individual net assets on July $1,2024,$ are both $$710,000.$ The total fair value of the $31,000$ shares of Mountain's common stock on December $31,2024,$ is $$765,000.$ Both companies have a January through December fiscal year. The following data pertains to Mountain Corporation during $2024$:

Dividends dectared and paid, January $1-$June $30$

Dividends declared and paid, July $1-$December $31$

Net income, January $1-$June $30$

Net income, July $1-$December $31$

$$12,100$

$$12,100$

$$14,100$

$$18,100$

Required:

Prepare the necessary entries for $2024$ under the equity method $($other than for the purchase$).$

Prepare any necessary entries for $2024($other than for the purchase$)$ that would be required if the securities were accounted for under the fair value through net income method.

Complete this question by entering your answers in the tabs below.

Prepare the necessary entries for $2024$ under the equity method $($other than for the purchase$).$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account fleld.

Required $1$

$1$ Record the entry for cash dividend received under the equity method.

$2.$ Record the entry for the investment revenue under the equity method.

$3.$ Record the unrealized gain or loss.

Required $2$:

$1.$ Record the entry for investment revenue.

$2.$ Record the entry for cash dividend received for securtitesities available for sale

$3.$ Record the unrealized gain or loss for securities available for sale.